What I thought was funny was that he thought you might be a competitor. A competitor against what -- a hedge fund or a chat room/teaching service? The 10K thing seems to be all that is needed to call BS on the whole thing.
Market Monk
- Thread starter cornholetrading
- Start date
- Status
Here's what he told me on the phone:
$10K gets you into "phase 1" where he will give you realtime calls for two months as you build up your position size from 1 to 50 contracts. It takes 1 month to get to that level and the 2nd month you maintain the 50 lot size.
At $2000/contract in your account (which is wholly separate from the $10K), you'll be at $100K after 1 month and $600K at the end of the 2nd.
Then, "phase 2" kicks in where he spends 4-5 weeks one on one with each trader, one at a time teaching his method. The $600K goes into his hedge fund where each trader is part of the LLC with a 10% stake and Market Monk gets the remaining 50% (based on 5 traders "making it" into phase 2).
From there, everyone trades the hedge fund up to 10 digits in 5 years.
Phase 1 beings Jul 11. This is straight from the guy's mouth. We talked at length about the $10K requirement. I said I didn't feel comfortable sending $$ to some guy I'd never met, all with no recourse. I proposed an escrow transaction, to which he emphatically said no.
Then I asked for a few days of realtime calls to see where he's at. (He said he averages around 20 points/day and he's expecting about 10 points/day during the mentoring process). I'd obviously know if he's full of it if I listened in. He said "he'd think about it" and that's where we left off yesterday.
Quite ridiculous, in my opinion. He can make $10K in about 5 minutes, based on his blog.
I'd like to hear some more on this guy if anyone has any info. Smells quite fishy to me for obvious reasons.
--opm8
$10K gets you into "phase 1" where he will give you realtime calls for two months as you build up your position size from 1 to 50 contracts. It takes 1 month to get to that level and the 2nd month you maintain the 50 lot size.
At $2000/contract in your account (which is wholly separate from the $10K), you'll be at $100K after 1 month and $600K at the end of the 2nd.
Then, "phase 2" kicks in where he spends 4-5 weeks one on one with each trader, one at a time teaching his method. The $600K goes into his hedge fund where each trader is part of the LLC with a 10% stake and Market Monk gets the remaining 50% (based on 5 traders "making it" into phase 2).
From there, everyone trades the hedge fund up to 10 digits in 5 years.
Phase 1 beings Jul 11. This is straight from the guy's mouth. We talked at length about the $10K requirement. I said I didn't feel comfortable sending $$ to some guy I'd never met, all with no recourse. I proposed an escrow transaction, to which he emphatically said no.
Then I asked for a few days of realtime calls to see where he's at. (He said he averages around 20 points/day and he's expecting about 10 points/day during the mentoring process). I'd obviously know if he's full of it if I listened in. He said "he'd think about it" and that's where we left off yesterday.
Quite ridiculous, in my opinion. He can make $10K in about 5 minutes, based on his blog.
I'd like to hear some more on this guy if anyone has any info. Smells quite fishy to me for obvious reasons.
--opm8
IMHO, its very easy to post your results on a blog after the fact. MM claims to be Gann based, and typically Gann followers are very good traders on historical charts. In real time Gann doesnt work out so great. I have no reason to doubt the guy, but I would much rather see a (near) real time posting, or at least the audited statements that he said he would provide at the end of the "campaign." (Which hasnt happened yet.)
Read all through his site and you will see he says he is an introvert - has no friends etc. He doesnt want to meet someone he doesnt know who wants "public" money. I think (and I understand) he gets a huge kick from information, as I do, and doesnt want or need face to face communication or involvement with "public" money.
Who would enter into a transaction involving millions without meeting the person? And... wouldn't he have said "let's not meet, but rather let's talk on the phone" instead of running away from someone who's a real trader? Seems very fishy to me.
And what's "public" money? What is involvement with "public" money? I guess I don't understand the distinction you're making here.
Someone who has $10,000 fee to pay, please try it out and tell us how it goes. I mean, I am sure you could get it all and more back from one or two of his calls most likely... 
Mentoring Monastery Requirements:
The following qualifications I consider perquisites in order to qualify for a mentoring position:
1. You have studied all the trading related posts and charts published on my
PMTC blog.
2. You are in the process of reading the books I recommend in the blog and
have read Learning to Trade: The Psychology of Expertise by Brett N.
Steenbarger, Ph.D.
http://www.greatspeculations.com/brett/learning_to_trade.htm
3. You are currently trading stocks and/or futures full time and are
financially supporting yourself via profits and/or savings.
4. You have 5k in risk capital that you are willing to put at risk in a real
money trading campaign following my E-Mini S&P 500 trades that I call in
real time. You must be willing to compound your initial 5k using profits
until you reach at least 50 contracts per trade.
5. You have an additional 10k in risk capital that you are willing to spend
to become a team member of the monastery.
6. You are not afraid of making millions of dollars trading my money, your
own money and that of team members. Believe it or not many people are
scared of success. The responsibility of success is overwhelming for many.
7. You are willing to use QCharts real time charting software.
If you are still interested then please reply to this message with details
about your trading background and any information that you feel would help
me understand you better.
All the best and good trading,
Mentoring Monastery Requirements:
The following qualifications I consider perquisites in order to qualify for a mentoring position:
1. You have studied all the trading related posts and charts published on my
PMTC blog.
2. You are in the process of reading the books I recommend in the blog and
have read Learning to Trade: The Psychology of Expertise by Brett N.
Steenbarger, Ph.D.
http://www.greatspeculations.com/brett/learning_to_trade.htm
3. You are currently trading stocks and/or futures full time and are
financially supporting yourself via profits and/or savings.
4. You have 5k in risk capital that you are willing to put at risk in a real
money trading campaign following my E-Mini S&P 500 trades that I call in
real time. You must be willing to compound your initial 5k using profits
until you reach at least 50 contracts per trade.
5. You have an additional 10k in risk capital that you are willing to spend
to become a team member of the monastery.
6. You are not afraid of making millions of dollars trading my money, your
own money and that of team members. Believe it or not many people are
scared of success. The responsibility of success is overwhelming for many.
7. You are willing to use QCharts real time charting software.
If you are still interested then please reply to this message with details
about your trading background and any information that you feel would help
me understand you better.
All the best and good trading,
- Status